From the Anandtech article, you'll note that a major challenge GloFo cited in bringing 7nm online was getting the fab space for it, citing that they would need

From the Anandtech article, you'll note that a major challenge GloFo cited in bringing 7nm online was getting the fab space for it, citing that they would need to sink 10-15 billion to bring 7nm (and lower) nodes online. You'll note that in the submitted article, GloFo is promising to do exactly that ("In return for the subsidies, GlobalFoundries said it would invest about $12.5 billion in the projects, most of which would be spent to expand the company’s Fab 8 in Malta, in Saratoga County."). Basically it seems like GloFo made a pretty hard nosed decision based on financing (guess they were just a few billion short last time) back in 2018, and now that they have those missing billions, they're going to go ahead. Based on these numbers, it does seem likely this would allow GloFo to bring online 7nm. But getting much past that (5nm and lower) seems uncertain. That said, having additional domestic 7nm production (crucially, 7nm that does not displace existing 14nm+ production) would be useful.